ASX-listed Pro-Pac Packaging picks Ahmed Fahour as its executive chairman, as he leaves his role with AusPost.
Fahour is due to take on his new role one month earlier, following an extraordinary general meeting scheduled for October 27.
Fahour is infamous among printers for his strategy at Australia Post, which was perceived to be an attack on mail, and has been the chairman of Pro-Pac since December 2014, and gained the ire of the general public when his Auspost was forced to reveal his salary package, which at $5.6m was five times that of the head of the US Post, and ten times that of the prime minister.
Pro-Pac recently acquired Integrated Packaging Group (IPG) in a $177m deal, and begins its fully-underwritten $54.8m equity raising to partially fund the deal on October 18, having made the announcement today. Its managing director is Grant Harrod, who previously ran Salmat for a while.
The board of the company is proposing Rupert Harrington, chairman, Integrated Packaging Group as a non-executive director, following completion of the merger between the two companies.
Pro-Pac says major shareholder Bennamon has committed to taking up its pro-rata entitlement of $28.1m, and it expects 161 million new shares to be issued under the entitlement offer.
Bennamon’s parent company is Geminder Holdings, which is owned by Raphael Geminder, brother-in-law of Australia’s richest man, Anthony Pratt. Geminder also owns Pact Group, an ASX-listed $2bn entity.
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